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The second largest stock exchange in the world has partnered with investment management company VanEck to bring to market a multitude of new cryptocurrency financial products.
The partnership was officially unveiled at CoinDesk's Consensus conference, when Gabor Gurbacs – director of digital badet strategy for VanEck – announced the decision to "put a crypto 2.0 regulated contract on the market".
According to Gurbacs, what they plan to release early next year is the first of several products of this type.
"What I would like to emphasize is that we have traveled a few extra kilometers working with the [Commodity Futures Trading Commission] bring new standards in custody and supervision, "he said at a panel.
In a follow-up interview, Gurbacs told CoinDesk that these futures products could be considered an "upgrade" of the current regulatory standards surrounding future Bitcoin products.
By leveraging Nasdaq's stock market monitoring system, called SMARTS, as well as the price-confidence benchmarks provided by MVIS, the goal is to inspire confidence in regulators and institutions trying to [in the crypto markets], "According to Gurbacs.
SMARTS is a software hosting hundreds of detection algorithms, designed to automatically detect suspicious market activities such as identity theft and negotiation in wash. Gurbacs explained that this technology would ensure the future trade of bitcoins "in a fair and orderly way," said Gurbacs.
State of play
As it stands, the Commodity Futures Trading Commission (CFTC) has approved to date two futures bitcoin products, one operated by the Chicago Board Options Exchange in partnership with Gemini Exchange and the other by the Chicago Mercantile Exchange in badociation with Crypto Facilities.
These futures contracts are settled in cash, which means that at expiration, no "physical" bitcoin should be moved to settle accounts. In contrast, a simultaneous bitcoin futures product, launched by Bakkt and backed by Intercontinental Exchange, is expected to be launched physically in January of next year, which means investors holding these contracts at the same time. maturity will receive a payment in bitcoins.
Gurbacs did not disclose whether the anticipated bitcoin futures product between Nasdaq and VanEck's price index arm, MVIS, would be similarly guaranteed in cash. Nasdaq representatives also declined to comment further.
Nevertheless, Gurbacs has hinted that there is "a lot to expect in 2019," pointing to a promising launch date for the Bitcoin futures product in the first quarter of next year.
In addition, VanEck's publicly traded bitcoin exchange-traded fund, in partnership with Blockchain, SolidX, is expected to make a final decision by the Securities and Exchange Commission by February 27, 2019.
Seeing "an exciting Q1 coming up," Gurbacs predicts:
"We believe that 2018 has been the year of regulation and that 2019 will be the year of implementation."
Photo by Stan Higgins for CoinDesk
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